Tether International has announced that it has acquired SoftBank’s minority stake in the Bitcoin-focused treasury company Twenty One Capital (XXI).
Following the closing of the transaction, SoftBank’s representatives stepped down from XXI’s Board of Directors in accordance with the shareholder agreement.
Tether Absorbs SoftBank Position
In an official blog post, Tether said the transaction “reflects the continued development of XXI as the company builds on its foundation and advances its long-term Bitcoin strategy.” With the deal completed, SoftBank’s governance role at XXI has concluded.
Tether CEO Paolo Ardoino commented on the development:
“SoftBank’s involvement gave XXI the kind of institutional depth that few early-stage companies ever have. Their experience backing some of the most consequential technology companies in the world brought credibility, perspective, and discipline to XXI during a critical period of formation. They leave behind a company with a stronger foundation, a clearer mandate, and an ambitious path ahead. Tether’s conviction in XXI has only deepened, and we look forward to building on that foundation as the company enters its next chapter.”
Twenty One Capital launched in April 2025 as a new crypto venture with Strike founder Jack Mallers named CEO. At launch, Tether International and Bitfinex were identified as majority owners, while SoftBank Group and Cantor Fitzgerald participated as initial minority investors. The company disclosed it would begin with roughly $3.6 billion in Bitcoin held in its treasury, with Tether maintaining a controlling stake and SoftBank as a minority holder.
Later that year, Twenty One Capital went public through a SPAC merger in New York in December.
Merger Proposal
Last month, Tether proposed a multi-step plan involving Twenty One Capital that starts with a merger between XXI and Strike. Under the plan’s second stage, the combined entity would then merge with Bitcoin mining company Elektron Energy.
According to the latest available data, Twenty One Capital is the second-largest publicly listed corporate holder of Bitcoin, holding 43,514 BTC. It trails Strategy, the business intelligence firm led by Michael Saylor, which holds 843,738 BTC.